- NEO Battery Materials (TSXV:NBM) signed lithium battery purchase orders with a Fortune Global 500 automotive original equipment manufacturer in Asia
- NEO is a Canadian company developing and producing silicon-enhanced lithium-ion batteries
- The lithium battery technology stock has given back 20.31 per cent year-over-year, adding 183 per cent since inception in 2021
NEO Battery Materials (TSXV:NBM) signed lithium battery purchase orders with a Fortune Global 500 automotive original equipment manufacturer (OEM) in Asia.
Manufacturing is already underway at NEO’s recently leased production facility in South Korea, with the batteries, slated for near-term delivery, to be recognized as the first revenue in company history.
“We are pleased to initiate commercial production with a global automotive OEM partner through EN+ [a temporary intermediary coordinating commercial supply with the OEM]” Seok Joung Youn, head of manufacturing & facility operations at NEO Battery Materials, said in Tuesday’s news release. “These orders provide an opportunity to demonstrate our manufacturing capability in producing industry-grade battery components and cells. As we work towards commercial output in the automotive sector, we will continue advancing silicon-enhanced battery production and expanding our downstream market pipeline.”
NEO hopes to parlay this milestone along a path to profitability, leveraging its patent-protected, end-to-end manufacturing process, which has been shown to deliver average cost savings of more than 60 per cent versus legacy technology.
About NEO Battery Materials
NEO Battery Materials is a Canadian company developing and producing silicon-enhanced lithium-ion batteries for drones, unmanned aerial vehicles, robotics, unmanned systems, electronics, electric vehicles, as well as energy storage systems for AI data centers.
The lithium battery technology stock (TSXV:NBM) opened with a 2 per cent gain trading at C$0.51. The stock has given back 20.31 per cent year-over-year, adding 183 per cent since inception in 2021.
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